The Company is pleased to announce that it has appointed Mr. Ernest Cleave as its new Chief Financial Officer to replace Mr. Harvey McKenzie who has resigned due to a limitation on his availability due to other commitments. The Company would like to thank Mr. McKenzie for his contribution during his tenure at the Company, and wishes him all the best in his future ventures.

Mr. Cleave is a senior financial professional with substantial experience in corporate strategy, financial planning and analysis, governance, regulatory reporting and compliance. He has an extensive background in the international mining industry, and directed corporate planning and analysis, treasury, internal control and regulatory compliance at Goldcorp Inc. Mr. Cleave heldvarious financial positions with Bata Limited including Controller for Bata South Africa and CFO, Bata International – Africa region. Mr. Cleave began his career with PriceWaterhouseCoopers in 1993. Mr. Cleave's appointment is effective as of today.

Corporate Secretary

The Company is also pleased to announce that Adam Szweras, has been appointed Secretary of the Company, effective June 17, 2008. Mr. Szweras is a partner at Fogler, Rubinoff LLP, Toronto, Ontario, legal counsel to the Company, and is the Co-Chairman and founder of Foundation Markets Inc., a Toronto Investment Bank which acted as the financial advisor to the Company assign in its previous financing and listing. Mr. Szweras joined Fogler, Rubinoff LLP in 2006, and prior thereto practiced securities and corporate law with another major Canadian firm. Prior to that he was the managing partner of a prominent Bay Street securities law boutique where he represented public issuers and investment dealers. His legal practice and investment bank activities have been focusedon corporate finance and going public transactions.

Incentive Stock Options

In connection with his appointment as Secretary, the Company has granted to Mr. Szweras incentive stock options for the purchase of a total of 666,667 common shares of the Company at a price of $0.90 each until June 16, 2013. In addition, the Company has also granted to certain directors and officers incentive stock options for the purchase of a total of 800,000 common shares of the Company at a price of $0.90 each until June 23, 2013. The options are being granted pursuant to the terms of the Company's stock option plan.

About Petrolympic Ltd.

Petrolympic Ltd. is a junior oil and gas company that is actively exploring for premium light crude oil and natural gas in Quebec, Canada. The company combines significant land positions, promising geology, systematic exploration, accessible infrastructure, and experienced management.

Prior to the completion of the previously announced transaction with Ressource & Énergie Squatex inc. ("Squatex") (originally announced by press release dated May 15, 2008), pursuant to which Petrolympic will acquire a 30% legal and beneficial interest in 36 exploration permits totaling 672,438 hectares in the St. Lawrence Lowlands, Bas St-Laurent and Gaspé Peninsula in Québec, Petrolympic holds more than 113,906 hectares (281,468 acres) of oil and gas exploration permits in the Appalachian Basin of Quebec that include holdings in the Gaspe Peninsula and in the southern part of the St. Lawrence Lowlands. This is a largely unexplored region whose international profile in the oil and gas sector is dramatically rising as a result of improved understanding of regional geology, close and easy proximity to markets, proven hydrocarbons, and geopolitical stability.

FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking information" within the meaning of the Securities Act (Ontario), including, but not limited to, statements as to timing and extent of exploration programs and the availability of exploration results. As such, forward-looking information addresses future events and conditions and so involves inherent risks and uncertainties, as disclosed under the heading "Risk Factors" and elsewhere in Petrolympic documents filed from time to time with the Ontario Securities Commission and other regulatory authorities. Actual results could differ significantly from those currently projected as a result of, among those factors, adverse weather, regulatory changes, delays in receiving permits, accidents and delays in completing exploration activities not all of which are in the control of Petrolympic. The forward-looking information contained herein is Petrolympic's reasonable estimate today of future events and conditions, but no assurance can be given that such events or conditions will occur. The reader is cautioned not to rely on these forward-looking statements. Petrolympic disclaims any obligation to update these forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.